WELCOME TO VF CORPORATION

Transcription

1 WELCOME TO VF CORPORATION

2 Dear Associate WELCOME TO THE VF FAMILY! WE ARE PLEASED THAT YOU ARE JOINING OUR GLOBAL TEAM THAT NOW COMPRISES MORE THAN 65,000 ASSOCIATES IN OVER 150 COUNTRIES. VF s rich 118-year history has been shaped by our strong brands that forge meaningful connections with consumers and consistently exceed their expectations with innovative products and experiences. Adding the iconic and authentic Williamson-Dickie brands into our portfolio makes our company stronger and better. You are joining a workforce that is as diverse as the geographies and consumers we serve. When our individual strengths, experiences and perspectives converge within a culture that is respectful and welcoming to all, we ignite the power of One VF to achieve great things together. WELCOME We know you have many questions, which is why we ve assembled this brief Welcome to VF guide. It contains information you may find helpful as you learn more about our company. We recognize that this guide doesn t answer all your questions, so we commit to providing ongoing updates to you via other communication channels as soon as we are able. For additional information, please contact your HR representative. Also, VF associates across the organization are available to assist. I encourage you to take advantage of their diverse viewpoints and experiences. Once again, welcome to VF Corporation. We are thrilled to call you our colleague and look forward to working with you. Steve Rendle President & CEO 2

3 ABOUT VF FOUNDED IN 1899, VF CORPORATION IS A GLOBAL LEADER IN BRANDED LIFESTYLE APPAREL, FOOTWEAR AND ACCESSORIES, WITH AUTHENTIC BRANDS, MORE THAN 65,000 ASSOCIATES AND 2016 REVENUE OF $12 BILLION. OUR BRANDS ARE ORGANIZED INTO FOUR BUSINESS UNITS: OUTDOOR & ACTION SPORTS A group of authentic, activity-based brands that empower consumers to explore and express the lifestyle they love. Brands include: Vans, The North Face, Timberland, Napapijri, JanSport, Smartwool, Reef, Eastpak and Eagle Creek. ONE VF. IT S WHO WE ARE. IT S HOW WE DO BUSINESS. JEANSWEAR VF s oldest business, which is rooted in the rich history of some of the world s most recognizable denim brands, such as: Wrangler, Lee and Rock & Republic. WORKWEAR Provides occupational apparel, uniforms and footwear that enhance worker productivity and comfort, and deliver industry-leading innovation. Here you ll find: Red Kap, Bulwark, Horace Small, Wrangler RIGGS, Wrangler FR, Timberland PRO, Dickies, Walls, Workrite, Kodiak and Terra. We draw on our collective experience to continuously transform ourselves in an ever-changing global marketplace. It s a transformation enabled by agility and execution. We learn from the past, but we live in the future. One VF is about giving each brand the autonomy to be itself and remain true to its unique history and heritage. At the same time, we harness the power of our entire brand portfolio and leverage collaborative business platforms to seize and capitalize on our greatest opportunities for long-term performance. Across our company, a One VF mindset combines with our powerful brands and platforms to differentiate our products and brand experiences to give us a lasting competitive advantage. SPORTSWEAR Brings consumers authentic, stylish apparel and accessories with a comfortable, classic touch for leisurely sport and outdoor activities. Brands include: Nautica and Kipling. 2 3

4 NORTH AMERICAN LOCATIONS IN MOST CASES, OUR BRANDS REMAIN LOCATED IN THE CITY/REGION WHERE THEY WERE FOUNDED TO ENSURE THEY STAY CONNECTED AND TRUE TO THEIR ROOTS. OUR WORLDWIDE HEADQUARTERS IS IN GREENSBORO, NORTH CAROLINA. 4 5

5 VF AND WILLIAMSON-DICKIE COMBINED HAVE CORPORATE HEADQUARTERS IN EVERY REGION, IN ADDITION TO HUNDREDS OF OTHER OFFICES AND FACILITIES SPANNING THE GLOBE. GLOBAL LOCATIONS VF International Headquarters Stabio, Switzerland Dickies EMEA Midsomer Norton, UK Dickies China Shanghai, China VF Global Headquarters Greensboro, NC Dickies Van Moer Hulshout, Belgium Dickies Japan Tokyo, Japan VF Asia Headquarters Hong Kong, China VF South America Headquarters Santiago, Chile 6 7

6 GLOSSARY OF TERMS LIKE MANY COMPANIES, VF USES TERMINOLOGY THAT IS SPECIFIC TO OUR ORGANIZATION. THE FOLLOWING GLOSSARY OF TERMS OFFERS A SNAPSHOT OF SOME OF THE LANGUAGE YOU WILL BEGIN TO HEAR AS A VF ASSOCIATE GLOBAL BUSINESS STRATEGY: Introduced in March 2017, it is the plan that fuels our aspiration to consistently grow by creating amazing products and brand experiences that transform and improve the lives of consumers worldwide. The strategy addresses the rapidly changing market landscape with a measurable goal of delivering top-quartile total shareholder return. Related Terms: WHERE-TO-PLAY, HOW-TO-WIN CHOICES: The five strategic choices fueling the 2021 Global Business Strategy and our actions to win in the retail marketplace. The five choices are: 1) Reshape the Portfolio, 2) Transform Model, 3) Elevate DTC (Direct-to-Consumer), Prioritizing Digital, 4) Distort Asia, and 5) Digital Titans and Disruption. A AUTHENTICITY: A quality that is woven throughout VF s brands, culture and global workforce. Our company emphasizes being authentic and genuine in everything we do. B BRANDS: The bedrock of our global organization, our brands span numerous product categories, consumer demographics, sales channels and geographies. The addition of Williamson-Dickie s powerful brands to the VF portfolio strengthens our foundation. D DIRECT-TO-CONSUMER (DTC): Our direct-to-consumer business, which includes VF-owned retail stores and e-commerce businesses, is the pinnacle expression of our brands and the key driver in our efforts to directly serve consumers. With this platform, we reach consumers through multiple channels to engage with them on a deeper level and create a seamless shopping experience. CAPABILITY CHOICES: Six capabilities that are critical to our ability to execute our strategy and bolster VF s competitive position in the marketplace. The six capability choices are: 1) Design & Innovation, 2) Demand Creation & Brand Experience, 3) Insights & Analytics, 4) Retail Excellence, 5) Demand & Supply Chain Agility and 6) Talent. 8 9

7 G GLOBAL BUSINESS TECHNOLOGY (GBT): The organization within VF that manages and maintains computers, devices and information systems, and provides innovative technology solutions to help VF and our associates achieve our goals and objectives. GLOBAL INNOVATION CENTERS: VF has three Global Innovation Centers (GICs) The Performance Apparel Innovation Center in Alameda, California; The Jeanswear Innovation Center in Greensboro, North Carolina; and The Footwear Innovation Center in Dover, New Hampshire. The centers are staffed with teams of scientists, engineers and technical designers who combine proprietary insights with consumer needs and a deep understanding of technology and new materials to create breakthrough products that drive brand equity and long-term growth. I INCLUSION & DIVERSITY: VF s commitment to leveraging our diversity as a point of pride and strength for our global organization. We foster a culture where each associate contributes his or her individual talents to help fuel our success. L THE LOOP: VF s global intranet and central hub for news and information about the company, our brands, workplace policies and much more. O ONE VF: Approach to doing business collaboratively as one cohesive company that shares ideas, best practices and resources across brands, functions and geographies. P PLATFORMS: Five enterprise-wide business platforms that serve all brands and help VF maintain a competitive edge: 1) Direct-to-Consumer, 2) Strategy & Innovation, 3) Sustainability, 4) International and 5) Supply Chain. R RESPONSIBLE SOURCING: A Supply Chain-driven program that helps ensure products are made in factories that are safe for workers, protective of the environment and enhances communities through positive actions to improve the quality of life. S SENIOR LEADERSHIP TEAM (SLT): VF s executive management team lead by VF s President & CEO Steve Rendle. SUSTAINABILITY & RESPONSIBILITY: Through our Sustainability & Responsibility program, we are working to lead our industry into a more sustainable future, ensuring future generations can enjoy the outdoor environments we outfit them to explore. T TOTAL SHAREHOLDER RETURN (TSR): As a publicly traded company, VF is sharply focused on delivering value to our shareholders. TSR is a financial-return measure of a company s performance. It combines share price appreciation and dividends paid to measure the total return to the shareholder, expressed as an annualized percentage. V VANITY FAIR: One of the early names of our company. In the 1960s, our company changed its name to VF Corporation to reflect its increasingly diverse product line. It s also the name of an intimates brand/business VF sold in The company is no longer referred to as Vanity Fair Corporation. VFC: The abbreviation, or ticker symbol, used to identify VF on the New York Stock Exchange. Also the web address for our global corporate website: W WEBCAST: A global town hall meeting where VF s senior leaders provide updates about the company, our finances and our brands. Associates participate via their computers or in group gatherings at key locations. WORKDAY: VF s integrated global people management platform. A one-stop portal for associates to search for colleagues, view organizational charts, request time off, update benefits, view compensation, and much more. Y YAMMER: VF s internal social network and collaboration tool that enables associates around the world to share news and information, work together on projects and brainstorm new ideas

8 While we can t answer all your questions now, outlined below is information you may find helpful as the process to combine our companies continues. INTEGRATION COMMUNICATION & UPDATES QUESTIONS AND ANSWERS HOW WILL I RECEIVE INFORMATION AND UPDATES RELATED TO THE INTEGRATION OF WD INTO VF? You will receive ongoing updates via your WD and the VF Integration web page. We will update this regularly with new information as it becomes available, and we will notify you when there is new information to view. 2. DOES VF HAVE A CORPORATE INTRANET PAGE? AND IF SO, WHEN CAN I ACCESS IT? As you can imagine, there are many business processes, online tools and software platforms between VF and WD. As part of our integration process, we are assessing how and when is best to migrate onto these tools and train you to use them. We hope to provide access to the Loop, VF s corporate intranet, within the first 100 days of the merger. Once your access to the Loop is enabled, you will find many collaboration tools through Microsoft SharePoint, including Yammer, Concur and Workday. Until you hear otherwise, please continue to use the WD HR, Travel, Expense and other systems you re accustomed to using. 3. WILL I PARTICIPATE IN A FORMAL VF ORIENTATION? Given the size of WD and the many office locations globally, we do not plan on conducting a general company-wide orientation. Please use this document, the information available on the VF Integration web page, and the content on VF s external websites to learn more about the company at your own pace. Over the coming months, we will share frequent updates and host specific educational and training sessions to support your integration into the company. 13

9 TECHNOLOGY 1. WILL MY ADDRESS CHANGE TO ADDRESS? Yes. address will be activated within the first 100 days of the merger. We will notify you in advance of your new address. There will be a transitional period whereby you will receive s that are addressed to either address. We will share more information soon. Until then, please continue to use address. 2. I HAVE A WD-ISSUED DEVICE (MOBILE PHONE, LAPTOP, ETC.). WILL IT BE REPLACED WITH A VF-ISSUED DEVICE? You will continue to use your WD-issued technology device(s). As that technology expires or requires replacement in the future, you will then receive your VF-issued device(s). 3. WHAT KIND OF TECHNOLOGY DEVICES DOES VF PROVIDE TO ASSOCIATES? VF has a variety of devices, including laptops, smartphones and tablets to help associates manage their daily business-related activities. Any requests for upgrades to devices will be considered on an as-needed basis, based on job needs and requirements. 4. WHO DO I CALL IF I NEED TECHNOLOGY SUPPORT? Please continue to call the WD IT resources until you receive new instructions from VF. We anticipate that VF s Global Business Technology organization will be available to support WD associates beginning in January HUMAN RESOURCES 1. WILL MY JOB RESPONSIBILITIES CHANGE? Most associates roles and responsibilities will remain the same. However, we do anticipate that some associates will experience changes over the coming months as we continue to understand the WD organizational structure and functions, and determine how to most effectively combine them with VF s. We will regularly communicate with you as updates are available. 3. WILL MY SALARY/PAY CHANGE? No. You will continue to receive the same amount of pay you currently receive. For U.S. and Canada associates, you will continue to receive your pay as you do today until early 2018, when we expect to transition WD associates to the VF payroll system. We will share more details about this during the next 60 days. For all other regions, you will continue to stay on current WD payroll into 2018 as we evaluate opportunities to bring WD associates onto VF systems and providers. 4. I M CURRENTLY ON TRACK TO RECEIVE A 2017 BONUS OR INCENTIVE IN EARLY 2018 FROM WD. WILL THIS CHANGE? No. Your existing incentives structure from WD for 2017 will remain the same, and you will receive your 2017 payout in early 2018 as you always have. WD associates eligible for a bonus or other incentives will transition to VF s incentive programs in early 2018 when WD migrates to the VF payroll system. We will share more information about this soon. 5. WILL MY HEALTH BENEFITS CHANGE? For U.S. associates, your health, dental, life and other welfare benefits, as well as current providers, will remain in place. You will migrate onto VF s health and welfare benefits programs in We will provide more information in November. For all other regions, your current plans will likely remain the same into 2018 as we evaluate current VF and WD plans. 6. WILL MY RETIREMENT AND/OR SAVINGS PLAN CHANGE? For U.S.-based WD associates, your 401k and other retirement savings plans with WD will remain the same until December 31, We will offer VF s plan for 2018 and will share more information soon about migrating to VF s plan. For all other regions, we will evaluate VF and WD plans to determine our most appropriate go-forward plans. We will provide updates in WILL I REPORT TO A NEW MANAGER? The current WD reporting structures will remain in place, though we do anticipate some organizational reporting changes, mostly at the leadership level. We will regularly communicate with you as updates are available

10 7. WHAT HAPPENS TO MY VACATION, SICK, LEAVE AND HOLIDAY POLICIES? For associates in the U.S. and Canada, you will continue to retain your current WD vacation and sick leave allotment until December 31, We will share more information about the transition to VF s policies soon. For associates in other regions, you will continue to retain your current WD vacation and sick leave allotment until further notice. 8. AM I ABLE TO APPLY FOR OPEN POSITIONS WITHIN VF OR ITS BRANDS? WD associates are welcome to apply for positions within VF or its brands online at VFC.com/careers. Please talk with your HR manager upon applying for a position. 9. WILL I CONTINUE TO WORK FROM MY CURRENT LOCATION OR WILL I HAVE TO RELOCATE? There are currently no location changes to announce. There may be some changes for some roles in the future, but most associates will continue to work in their same roles in their current locations. 10. WE HAVE END-OF-YEAR PERFORMANCE REVIEWS IN DECEMBER. DOES THAT PROCESS CHANGE? No. The current end-of-year performance management process for WD will remain the same. In early 2018, you will receive instructions and information about VF s performance management process. ADMINISTRATIVE 1. DO I HAVE ACCESS TO THE ASSOCIATE DISCOUNT FOR VF BRANDS? Yes. We consistently hear that one of the top benefits of working for VF is the ability to access our portfolio of brands. We re pleased to share that you can purchase VF products at a discount online. More information about how to utilize this benefit is available on the Integration web page. 2. IS THERE A VF DRESS CODE THAT WE WILL NOW FOLLOW? VF has a casual dress code and associates are encouraged to wear VF s brands. 4. HOW DO I SUBMIT MY TRAVEL EXPENSES? You will continue to submit your travel expenses through WD s Concur program. In early 2018, you will have access to VF s expense management system, which is also managed through Concur. OTHER ADMINISTRATIVE QUESTIONS: There are a number of additional administrative matters that we know you have questions about including company badges, business cards and more. For now, please continue to use your WD-issued company badge and your WD business cards. OTHER 1. WILL PHILIP WILLIAMSON, CHIEF EXECUTIVE OFFICER OF WILLIAMSON-DICKIE, CONTINUE TO LEAD THE WILLIAMSON-DICKIE BRANDS? Philip Williamson will remain in his current position and will continue to lead certain aspects of the Williamson-Dickie brands. He will report to Curt Holtz, President, Workwear, Jeans and Sportswear Brands at VF. 2. WHAT IS THE CULTURE OF VF? VF and WD have much in common as it relates to our workplace cultures. Our core values are similar and are based on trust, integrity and authenticity. We also both agree that our people more than 65,000 strong are our most important asset. We look forward to getting to know WD and its brands over the coming months, and welcoming WD associates to VF! 3. WILL WILLIAMSON-DICKIE CONTINUE TO OPERATE IN FORT WORTH? Yes. 4. I MANAGE EXTERNAL CLIENTS, VENDORS AND/OR RETAIL PARTNERS. WHAT CAN I SHARE WITH THEM ABOUT THE FUTURE OF OUR BUSINESS? As you can imagine, WD and VF share many external partners including customers, vendors and suppliers. In the interim, it will be business as usual, but please consult with your manager and function leader to ensure alignment before engaging in conversations with or attempting to answer questions from external partners. 3. WILL I RETAIN MY CURRENT J.P. MORGAN MASTERCARD CORPORATE CARD? Yes. You will continue to use WD s corporate card J.P. Morgan Mastercard

11 5. I HAVE OTHER QUESTIONS THAT I DON T SEE ADDRESSED IN THIS Q&A. WHO SHOULD I CONTACT? We recognize there are many questions we can t answer now. As an initial resource, we encourage you to talk to your manager. But please know that your manager may not have all the answers at this time. We are working to provide timely and meaningful updates as soon as we are able. We will regularly send updates and post new information to the VF Integration web page. You will receive a notification as we have updates to share

12 FOR MORE INFO For more information about VF Corporation, visit us online or follow us on social media. vfc.com 20 21

13 vfc.com